Weekly · World Stock Push
Oil prices ticked up closer to $100 per barrel today as Middle East tensions persisted. Brent crude was trading at $97.66 per barrel, while West Texas Intermediate was at $93.05. Iran issued a threat of economic warfare, stating it had fired a new advanced missile at U.S. warships. The attack on Saudi Arabia’s Jizan refinery, a frequent target of Yemeni forces, also contributed to rising oil prices, reducing daily throughput capacity by 400,000 barrels.
Iran announced plans to establish a new shipping corridor in the Strait of Hormuz, intensifying maritime challenges. A statement from Iran’s Supreme National Security Council warned of a maritime exclusion zone and recalibrated operational posture against U.S. warships and bases. Recent missile strikes on ships in the Persian Gulf reinforced the perception that the conflict would continue into 2027, delaying pre-war oil throughput until late Q1 or early Q2 of that year.
Analysts noted increased speculation in Brent crude futures as peace prospects diminished. Analysts from ANZ and ING revised oil price forecasts, anticipating prolonged instability. Meanwhile, Russia continued to sell oil to India despite U.S. tariff threats, while Saudi Aramco’s Jizan refinery faced repeated Houthi attacks, escalating regional instability.
